The record high was fueled by performance at product line extensions introduced earlier in the year as well as expanded product access points.

the record high was fueled by performance of product line extensions introduced earlier in the year as well as expanded product access points


And I just -- a point that Jason made that I'd like to just make sure everybody's thinking about is, as the logistics business becomes more and more

and i just -- a point that jason made i'd like to just make sure everybody is thinking about is as the logistics business becomes more and more


as well as innovative solutions. As we accelerate innovation across the company, we're introducing machine learning into our product capabilities,

as well as innovative solutions as we accelerate innovation across the company we're introducing machine learning into our product capabilities


Where would you say it is as far as its runway for growth and its contribution to longer-term guidance?

where would you say it is as far as its runway for growth and its contribution to longer-term guidance


The in brand lineup's in bar offerings also are enjoying steady sales in the wellness domain.

the in-brand lineups in-bar offerings also are enjoying steady sales in the wellness domain


The increase was primarily due to impairment charges on goodwill and intangible assets as well as loan loss provisions recorded during the year.

the increase was primarily due to impairment charges on goodwill and intangible assets as well as loan loss provisions recorded during the year


the specific elements that are linked to the judgment. This is a dynamic situation.

the specific elements that are linked to the judgment this is a dynamic situation


terms that you are potentially going to get on your existing potential manufacturing partner not good enough? Just a few more details, if you could.

terms that you were potentially going to get on your existing potential manufacturing partner not good enough just a few more details if you could


Following that, I'll detail some of our recent accomplishments as well as provide a business outlook for the balance of the year.

following that i'll detail some of our recent accomplishments as well as provide a business outlook for the balance of the year


Specifically, a lot of the agents weren't in place at the start of the first quarter, and a very significant number of them were still onboarding into the first quarter.

specifically a lot of agents weren't in place at the start of the first quarter and a very significant number of them were still onboarding into the first quarter


Specifically, when a customer asks us to do a site survey, that survey usually follows with a proposal and we close a large number of these.

specifically when a customer asks us to do a site survey that survey usually follows with a proposal and we've closed a large number of these


and that's really in those international markets where we've had the increase in sales. Domestic inventory levels have been brought down

and that's really in those international markets where we've had the increase in sales domestic inventory levels have been brought down


what we might expect to see from the industry results at the end of this week when the IRS reports it? And then, I have a follow-up, please.

what we might expect to see from the industry results at the end of this week when irs reports it and then i have a follow-up please


Both stapling and energy instruments are important to surgeons, and we've been investing in broadening our product line and incorporating customer feedback in both areas.

both stapling and energy instruments are important to surgeons and we've been investing in broadening our product line and incorporating customer feedback in both areas


While these items may recur in Q4 as well due to their nature, it is not possible to estimate their exact impacts.

while these items may recur in q4 as well due to their nature it is not possible to estimate their exact impacts


We think the changes we have already made across our platforms will help advisers better support their clients and differentiate their businesses.

we think the changes we have already made across our platforms will help advisors better support their clients and differentiate their businesses


Second, we had a 7 percentage point benefit from our estimated state tax rates from prior years, which ended up being lower than what we had estimated.

second we had a 7 percentage point benefit from our estimated state tax rates from prior years which ended up being lower than what we had estimated


that we again are delivering more innovation with truly differentiated product benefits and rolling them out faster to more markets.


In one case, we completed the implementation of a large supplier on an ERP that we had integrated to before in under 4 weeks.

in one case we completed the implementation of a large supplier on an erp that we had integrated to before in under 4 weeks


speed to market on our sourcing and technology to enable better utilization of our inventory across the whole portfolio.


However, we are working very constructively with each and every one of those customers on a customer by customer almost engine-by-engine basis,

however we are working very constructively with each and every one of those customers on a customer-by-customer almost engine-by-engine basis


We are encouraged to see initial significant positive signals on some of the measures of physicality, cognition and quality of life

we are encouraged to see initial significant positive signals on some of the measures of physicality cognition and quality of life


that kind of is the swing factor that helps next year? So in other words, let's say we just brought our numbers down or your guidance got brought down by a couple percent.

that kind of is a swing factor that helps next year so in other words let's say we just brought our numbers down or your guidance got brought down by a couple of percent


This will enable us to deliver offerings to our clients that are multidisciplinary and bring improved structure tools, points of view and quality assurance.

this will enable us to deliver offerings to our clients that are multidisciplinary and bring improved structure tools points of view and quality assurance


To follow up on Joe's comments, we had our industry have been compelled to come to grips with the reality of permanently low interest rates.

to follow up on joe's comments we and our industry have been compelled to come to grips with the reality of permanently low interest rates


As of the end of the quarter, we had not repurchased any shares, but we are regularly monitoring the market opportunity with our board.

as of the end of the quarter we have not repurchased any shares but we are regularly monitoring the market opportunity with our board


If we look at the results others have reported using rigorous immunological assays, we saw

if we look at the results others have reported using rigorous immunological assays we saw


lower volumes due to the macroeconomic environment in Brazil and Southern Cone and higher costs for corn, energy and other inputs.

lower volumes due to the macroeconomic environment in brazil and southern cone and higher cost for corn energy and other inputs


with our footprint as well as our expansion of our nonwovens business with the Gastonia investment. So it was really a logical next step for us

with our footprint as well as our expansion of our nonwovens business with the gastonia investment so it was really a logical next step for us


We have a nice cost position because our costs are denominated in local currency. And as a result, we're able to service the local market. And if we have excess capacity, we are able to export.

we have a nice cost position because our costs are denominated in local currency and as a result we're able to service the local market and if we have excess capacity we're able to export


is it more of a governor that you're putting on at this point and the demand is very strong? You're just making sure you're going through it very methodically? Or is it something that

is it more of a governor that you're putting on it at this point and the demand is very strong you're just making sure you're going through it very methodically or is it something that


we could have offered to buy more shares and the balance that we came to 5 million shares was what Renova was willing to do at this point.

we could have offered to buy more shares and the balance that we came to 5 million shares was what renova was willing to do at this point


making their very existence more and more problematical. Let me further expand on that and a few other relevant points.

making their very existence more and more problematical let me further expand on that and a few other relevant points


and in the process, created significant value for our shareholders. I'm proud to leave this company far stronger than the one I started with.

and in the process created significant value for our shareholders i'm proud to lead this company far stronger than the one i started with


While the Q2 numbers were soft, we are seeing some green shoots, which give us confidence that we'll see improvement in the back half.

while the q2 numbers were soft we are seeing some green shoots which give us confidence that we'll see improvement in the back half


we would have expected to be at the high end of the committed range of 15% to 16% had we not deconsolidated Venezuela.

we would have expected to be at the high end of the committed range of 15% to 16% had we not deconsolidated venezuela


We continue to invest in global expansion. And as you would have heard in the highlights, we have seen very good growth

we continue to invest in global expansion and as you'll have heard in the highlights we have seen very good growth


owned the Cannon Park City Centre in a Queensland legal structure known as Community Title Scheme, which involves individually owned lots

owned the cannon park city centre in a queensland legal structure known as community title scheme which involves individually owned lots


Our Win Flushing campaign is focused on further capitalizing on this market through market knowledge and understanding of customer needs.

our wind flushing campaign is focused on further capitalizing on this market through market knowledge and understanding of customer needs


helicopter operator. So when the large oil and gas companies and the majors come back into the state to spend money on that pipeline or other projects,

helicopter operator so when the large oil and gas companies and the majors come back into the state to spend money on the pipeline or other projects


a passenger is abused by another passenger? And are you seeing more instances of this kind of conduct on your flights right now?

a passenger is abused by another passenger now are you seeing more instances of this kind of conduct on your flights right now


in terms of their commitment to aesthetics and I think that there are several other

in terms of their commitment to aesthetics and i think that there are several other


It's not a negative strategy but I think you get it, right? So that's -- a lot of it is giving these folks some time out there to

it's not a negative strategy but i think you get it right and so that's a lot of it is giving these folks some time out there to


The issue is related to the regulatory process than the ability of the folks who are making parenteral products to be able to make them

the issue is related to the regulatory process and the ability of the folks who are making parental products to be able to make them at


Legacy KCG had at least 3 independent trading systems in addition to separate back office platforms that were largely disconnected.

legacy kcg had at least 3 independent trading systems in addition to separate back office platforms that were largely disconnected


We have provided some specific guidance about the transitional impact of the exit of Dulux paints from Mitre 10 in New Zealand, particularly in the first half.

we have provided some specific guidance about the transitional impact of the exit of dulux paints from mitre 10 in new zealand particularly in the first half


is extremely well informed, right? They take data points from everywhere. They look at what we've done. They hold management accountable

is extremely well informed right they take data points from everywhere they look at what we've done they hold management accountable


related to your comments earlier? And then the second question just has to do with the line extension behind HUMIRA. I believe you launched a

related to your comments earlier and then the second question just has to do with the line extension behind qmyra i believe you launched a


Our second strategic initiative, strengthening our value proposition, requires integration and alignment across all operational areas.

our second strategic initiative strengthening our value proposition requires integration and alignment across all operational areas


In addition, we have evaluated compensation plans at the store level in an effort to provide a more balanced structure for our associates.

in addition we have evaluated compensation plans at the store level in an effort to provide a more balanced structure for our associates


We have a strong offering with Unyson. But there may be other transportation management companies that possibly specialize in a

we have a strong offering with unison but there may be other transportation management companies that possibly specialize in a


continued to have parties that have been talking to us for quite a while. The number did not change when we

continue to have parties that have been talking to us for quite a while the number did not change when we


in any forward-looking statement due to a variety of factors, which are discussed in detail in the company's most recent Form 10-K filed with the Securities and Exchange Commission.

in any forward-looking statement due to a variety of factors which are discussed in detail in the company's most recent form 10-k filed with the securities and exchange commission


let us remind you that it has its limitations. A portion of our capital will always be invested in assets that do not generate current net investment income.

let us remind you that it has its limitations a portion of our capital will always be invested in assets that do not generate current net investment income


I will talk through the components of the segment margin shortly. But let me point out here, the corporate expenses were unusually high when compared to the prior year.

i will talk to the components of the segment margin shortly but let me point out here the corporate expenses were unusually high when compared to the prior year


And each of them has a full structure, and this full structure, we can get synergies out of it,

and each of them has a full structure and this full structure we can get synergies out of it


but at the end, you can say what is new that is basically what we have to deal with and had to deal with the last 20 years.

but at the end you can say what is new that is basically what we have to deal with and had to deal with with the last 20 years


and the administrative costs that have been applied towards dealing with those audits will really be substituted for any of the administration on the pre-claims review.

and the administrative cost that had been applied toward dealing with those audits will really be substituted for any of the administration on the preclaims review


Company projections and forward-looking statements are based on factors that are subject to change and, therefore, these statements speak only as of the date they are given.

company projections and forward-looking statements are based on factors that are subject to change and therefore these statements speak only as of the date they are given


Our loss in the fourth quarter was primarily driven by negative market valuation adjustments in our investment portfolio, resulting from spread widening late in the year.

our loss in the fourth quarter was primarily driven by negative market valuation adjustments in our investment portfolio resulting from spread widening late in the year


And I think we're on a path. I think we've given up everything so far from the side of what the refineries have gotten,

and i think we're on a path i think we've given up everything so far from the side of what the refineries have gotten


Unlike our ag business, a majority of the cost in our performance businesses are matched to the sales from a currency perspective.

unlike our ag business a majority of the cost in our performance businesses are matched to the sales from a currency perspective


who's already established in that market. But that's what's caused us to keep investing. And I think

who's already established in that market but that's what's caused us to keep investing and i think


Customers are investing to develop capabilities and build capacity necessary to address the demand.

customers are investing to develop capabilities and build capacity necessary to address the demand


and that's important. So I don't want in any way, shape or form suggest that that's not a first priority because it is. But we also want to make sure we just

and that's important so i don't want in any way shape or form suggest that that's not a first priority because it is but we also want to make sure we just


But offset operators are testing down-spacing with encouraging early results that could add approximately 80 locations.

but offset operators are testing downspacing with encouraging early results that could add approximately 80 locations


Our ability to drive efficiencies is putting us on the path to a leaner, more agile organization that will be more responsive to all of our customers' needs.

our ability to drive efficiencies is putting us on the path to a leaner more agile organization that will be more responsive to all of our customers' needs


We're really confident that our strategy to focus on customer choice and to reposition the portfolio sets us up for continued growth in future years.

we're really confident that our strategy to focus on customer choice and to reposition the portfolio sets us up for continued growth in future years


We are seeing strong interest in our products across our service lines and continue to see opportunities to build deeper relationships

we are seeing strong interest in our products across our service lines and continue to see opportunities to build deeper relationships


the remaining 6 months. And we will talk to most of you at the Capital Markets Day. And those that cannot participate, we will hear at least or can hear us

the remaining 6 months and we will talk to most of you at the capital markets day and those that cannot participate we will hear at least or can hear us


advantages, so to speak. But in the short term, if somebody wants to come in with a big billfold and buy their way into the system, they can certainly do it.

advantages so to speak but in the short term if somebody wants to come in with a big billet hole and buy their way into the system they can certainly do it


It is very likely that one or more decisions will be appealed, and it could take several months or longer for the appellate court to decide on any issues on appeal.

it is very likely that one or more decisions will be appealed and it could take several months or longer for the appellate court to decide on any issues on appeal


and the anniversary of the expiration of the service contract we previously discussed at the beginning of Q4 last year.

and the anniversary of the expiration of the service contract we previously discussed at the beginning of q4 last year


We have a technology platform tailored to small businesses with product developers, agents, claim processors and underwriters aligned with their needs.

we have a technology platform tailored to small businesses with product developers agents claim processors and underwriters aligned with their needs


we see significant potential for chocolate in a market where per capita consumption is quite low, even by emerging market standards.

we see significant potential for chocolate in a market where per capita consumption is quite low even by emerging market standards


an exciting company that we could use as a platform for the next 10 to 15 years of Axway. And it sets us

an exciting company that we could use as a platform for the next 10 to 15 years of axway and it sets us


for the extra effort and sense of urgency as we adjust to and take advantage of the significant changes in our industry.


Forecast cost for the full year are expected to be within guidance although given the change in the mining contractor currently underway,

forecast costs for the full year are expected to be within guidance although given the change in the mining contractor currently underway


This study will evaluate a single weekly dose of hGH-CTP versus daily injections of currently marketed growth hormones.

this study will evaluate a single weekly dose of hgh-ctp versus daily injections of currently marketed growth hormone


a week doesn't usually matter since it all ends up in the same quarter. We think we get the business. It just shifts our promotional cadence a little bit, and you might get some

a week doesn't usually matter since it all ends up in the same quarter we think we get the business it just shifts our promotional cadence a little bit and you might get some


We executed against our plan this past year, and as a result, we achieved a number of significant accomplishments.

we executed against our plan this past year and as a result we achieved a number of significant accomplishments


we'd obviously start to look at things like the pattern of investment. I mean we -- that's the last thing we'll go after because we do believe that it's important.

we'd obviously start to look at things like the pattern of investment i mean we -- that's the last thing we'll go after because we do believe that it's important


we are bringing greater focus on the stores, which are already on the ground because we do see a lot more potential than

we are bringing greater focus on the stores which are already on ground because we do see a lot more potential than


portfolios going into next year and beyond? Is it a cost of equity that the REITs have to get a better advantage of and

portfolios going into next year and beyond is it a cost of equity that the reits have to get a better advantage of and


Another significant benefit to this arrangement is that it has enabled Rex Energy to reduce the outstanding letters of credit that support our marketing efforts.

another significant benefit to this arrangement is that it has enabled rex energy to reduce the outstanding letters of credit that support our marketing efforts


This additional revenue was driven from a combination of new customers visiting our resorts, existing customers returning and adjusting the rate where demand is high.

this additional revenue was driven from a combination of new customers visiting our resorts existing customers returning and adjusting the rate where demand is high


We have a principle which is, we're not going to take too much leverage risk or liquidity risk just to pay

we have a principle which is we're not going to take too much leverage risk or liquidity risk just to pay


So whether we believed in or not as we go through the repack in a number of stations, we will be getting new transmission equipment that will

so whether we believed in it or not as we go through the repac at a number of stations we will be getting new transmission equipment that will


During our call today, we will reference certain non-GAAP financial measures, which we believe provide investors with additional information

during our call today we will reference certain non-gaap financial measures which we believe provide investors with additional information


to now include a streamline approach of licensing our know-how and intellectual property as we build out our IP business development function.

to now include a streamlined approach of licensing our know-how and intellectual property as we build out our ip business development function


The investments we've made in our operating platform over the last few years have transformed our customer offering and rewarded us with increased profitability.

the investments we have made in our operating platform over the last few years have transformed our customer offering and rewarded us with increased profitability


Or is it just going to be nursing the basic business and maximizing same-store sales growth and profitability of those units?

or is it just going to be nursing the basic business and maximizing same-store sales growth and profitability of those units


and all segments, delivering high levels of performance while making substantial investments in our future success.

and all segments delivering high levels of performance while making substantial investments in our future success


as we progress through our migration from reactive to preventative to ultimately predictive maintenance programs.


As we've discussed with a number of you, we're intending to provide less information on orders going forward. The lumpy nature of our project businesses means that

as we've discussed with a number of you we're intending to provide less information on orders going forward the lumpy nature of our project businesses means that


I am pleased with our results and achievement this quarter. Let me highlight what we think are the key takeaways for the quarter.

i am pleased with our results and achievement this quarter let me highlight what we think are the key takeaways for the quarter


good momentum for a lot of products. So the overall forecast that we have for our Salesforce continues to be

and good momentum for a lot of products so the overall forecast that we have our sales force continues to be


Finally, we had drifted into a centrally driven business structure, and our store managers had become too task oriented.

finally we had drifted into a centrally driven business structure and our store managers had become too task-oriented


the market continuing to stay in a relatively healthy state, which we expected it is. And as we continue to build momentum on

the market continuing to stay in a relatively healthy state which we expected it is and as we continue to build momentum on


as you see the medical -- large medical claims normalizing, is that a good level to think of for the insurance cost going forward?

as you see the medical large medical claims normalizing is that a good level to think of for the insurance cost going forward


This new structure largely replicates the structure that was put in place in Europe last year and is highly customer-focused.

this new structure largely replicates the structure that was put in place in europe last year and is highly customer focused


of price increases and we work with our customers on what share of that we're willing to share with them. But we're on top of

price increases and we work with our customers on what share of that we're willing to -- we're willing to share with them but we're on top of


to optimize their performance. These new resources allow us to better target customers and get closer to their operations.

to optimize their performance these new resources allow us to better target customers and get closer to their operations


but we did our own, and that was an one of our concerns was that the same exam given in 4 pieces is more difficult to pass than a single exam

but we did our own and that was one of our concerns was that the same exam given in 4 pieces is more difficult to pass than a single exam


but what was important for us is that the customer responded to our new assortment and to our marketing. So -- and

but what was important for us is that the customer responded to our new assortment and to our marketing so -- and i would


our strategic focus, our ability to make acquisitions, our negotiations with certain customers and the financial impacts of contract amendments,

our strategic focus our ability to make acquisitions our negotiations with certain customers and the financial impacts of contract amendments


are pretty well populated with equipment. The opportunity that we need to find is a new location to install additional equipment.

are pretty well populated with equipment the opportunity that we need to find is a new location to install additional equipment


Any forward-looking statements made today do not guarantee future performance and undue reliance should not be placed on them. These statements are based on current management expectations

any forward-looking statements made today do not guarantee future performance and undue reliance should not be placed on them these statements are based on current management expectations


and it's something that we've certainly started to look at. But job 1 is going to be the -- get the cost structure

and it's something that we've certainly started to look at but job one is going to be to get the cost structure


In the fourth quarter, the Dutch mobile market remained very competitive. We've seen temporary aggressive promotions by our competitors.

in the fourth quarter the dutch mobile market remained very competitive we've seen temporary aggressive promotions by our competitors


And we just saw that it would take a long time for the readout and then we believe we can get the proof-of-concept data we're seeking from the 3 other studies.

and we just saw that it would take a long time for the readout and then we believe we can get the proof of concept data we're seeking from the 3 other studies


One year later, these responses in the majority of the subjects remain durable. And those where the responses have waned, we're able to boost them

one year later these responses in the majority of the subjects remain durable and those where the responses have waned we are able to boost them


is we now start to see commodity costs continue to move up on a consecutive basis, higher rates of inflation. We're going to go back,

as we now start to see commodity costs continue to move up on a consecutive basis higher rates of inflation we're going to go back


As retailers increasingly compete based on value and competition in categories like trash bags and Cat Litter remains elevated,

as retailers increasingly compete based on value and competition in categories like trash bags and cat litter remains elevated


And I think I -- to shareholders, all I can say is be patient, wait for the results over the first and second quarter of this year.

and i think to shareholders all i can say is be patient wait for the results over the first and second quarter of this year


We have recently been able to capture significantly higher percentages of that revenue, and we will continue with that model going forward.

we have recently been able to capture significantly higher percentages of that revenue and we will continue with that model going forward


within those loan pools to allow us to sell assets of any type within the loan pool. So even with

within those loan pools to allow us to sell assets of any type within the loan pool so even within the


Thanks, Tom. Let me conclude by saying once again, the opportunity in front of us is significant and we are determined to make the most of this opportunity.

thanks tom let me conclude by saying once again the opportunity in front of us is significant and we are determined to make the most of this opportunity


is that valuation may deviate from net asset value temporarily but should revert back usually over the course of a business cycle.


Because of our unique positioning in liquidity, we were able to move quickly and decisively in our acquisition of Hatteras announced a few weeks ago.

because of our unique positioning in liquidity we were able to move quickly and decisively in our acquisition of hatteras announced a few weeks ago


We actually had a drag in the first half with some aging positions that we tidied up in the first half, which aren't recurring in the second half.

we actually had a drag in the first half with some aging positions that we tidied up in the first half which aren't recurring in the second half


So with that, thank you for joining us this morning. And we appreciate all the interest and the questions and look forward to talking to you soon. Thank you.

so with that thank you for joining us this morning and we appreciate all the interest in the questions and look forward to talking to you soon thank you


In addition to our branding evolution, to achieve the impact we want to have in the world, our purpose must guide everything we do.

in addition to our branding evolution to achieve the impact we want to have in the world our purpose must guide everything we do


Every owner of commercial real estate understands that a significant component of their annual expenses include property taxes.

every owner of commercial real estate understands that a significant component of their annual expenses include property taxes


So you had mentioned that you had seen some worry. Is there some reason for this worry in terms of numbers as well?

so you had mentioned that you had seen some worry is there some reason for this worry in terms of numbers as well


But we think these types of lift-outs are great investments for the company that will continue to accelerate our growth and pay good long-term dividend.

but we think these types of lift-outs are great investments for the company that will continue to accelerate our growth and pay good long-term dividends


The products that we've set up with innovation technology in both business segments are perfectly aligned with what we see in future growth opportunities,

the products that we've set up with innovation technology in both business segments are perfectly aligned with what we see in future growth opportunities


We are sharing innovations, sharing consumer insights cross markets, cross business areas and business units.

we are sharing innovations sharing consumer insights across markets across business areas and business units


We're excited about this acquisition because it will improve the way information can be shared on project, and that leads to greater productivity and predictability.

we're excited about this acquisition because it will improve the way information can be shared on project and that leads to greater productivity and predictability


simple, but it's been very effective. And what we were able to do is determine

it's simple but it's been very effective and what we were able to do is determine


During integration, the team also focuses on optimizing the operation, including applying our retail experience and buying power to improve profitability.

during integration the team also focuses on optimizing the operation including applying our retail experience and buying power to improve profitability


and elevating it to a more actionable place. So we see it as the natural continuation of the brand positioning.

and elevating it to a more actionable place so we see it as the natural continuation of the brand positioning


That is a program where we are jointly developing with 2 other partners, replacement

that is a program where we are jointly developing with 2 other partners replacement


We were able to leverage our expertise in the data center industry, with this being our seventh investment in the sector.

we were able to leverage our expertise in the data center industry with this being our seventh investment in the sector


And combining this with an aging population, rising income levels and better access to information should help fuel industry growth for years to come.

and combining this with an aging population rising income levels and better access to information should help fuel industry growth for years to come


By doing that, we are better able to manage the flow of their processes over the weekdays.

by doing that we are better able to manage the flow of their processes over the weekdays


In other ways, if they will come up with a decision this year, it's already part of the outlook, but we do not want to

in other ways if they will come up with a decision this year it's already part of the outlook but we do not want to


in the Mount Pleasant area. So there is a strong base of high tech

in the mount pleasant area so there is a strong base of high tech


the footprint optimization complete and insulating our customers from any of the activities that were going on, on our side of the fence. So we've now turned that

the footprint optimization complete and insulating our customers from any of the activities that were going on on our side of the fence so we've now turned that


to differ materially from our expectations. These risks and uncertainties are discussed in the company's materials filed with the Canadian regulators from time to time.

to differ materially from our expectations these risks and uncertainties are discussed in the company's materials filed with the canadian regulators from time to time


This is important because industry-leading shows enjoy a strong network effect that attracts the greatest number and the best quality of exhibitors and attendees in the marketplace.

this is important because industry-leading shows enjoy a strong network effect that attracts the greatest number and the best quality of exhibitors and attendees in the marketplace


to build the next great leading global biotechnology company in rare diseases. And again, this fits with the notion that we are building

to build the next great leading global biotechnology company in rare diseases and again this fits with the notion that we are building


your view on how the payer is actually thinking about how they will be breaking out or not breaking out payments for digital visits


Current drill pipe bookings are not yet sufficient to overcome the pace of declining stocks of inventories, but customers remain capital constrained and cautious.

current drill pipe bookings are not yet sufficient to overcome the pace of declining stocks of inventories but customers remain capital constrained and cautious


with a significant increase in sales and a decrease in redemptions this quarter. I'd now like to turn it over to Ken to discuss operating results.

with a significant increase in sales and a decrease in redemptions this quarter i'd now like to turn it over to ken to discuss operating results


Before we end our call, I would like to again remind everyone to be on the lookout for the information on our Investor Day, and we hope to see you there.

before we end our call i would like to again remind everyone to be on the lookout for the information on our investor day and we hope to see you there


All of this has been accomplished while maintaining our posture of extremely conservative reserving. As always,

all of this has been accomplished while maintaining our posture of extremely conservative reserving as always


So I'm going to sit back and let these great people tell you what a great quarter we had, which I believe, prompts us for a better quarter to come.

so i'm going to sit back and let these great people tell you a great quarter we had which i believe prompts us for a better quarter to come


when we're reaching to the last part of the projects when we have the biggest part of the CapEx. Currently, we have

when we are reaching to the last part of the project when we have the biggest part of the capital currently we have


you called out some of the Chinese cloud demand. Can you just give us a little bit more color into the leasing and the pipeline and

you called out some of the chinese cloud demand can you just give us a little bit more color into the leasing and the pipeline and


just to give you an example, one of our largest banking accounts who went through that shift a couple of years ago, the

just to give you an example one of our largest banking accounts went through that shift a couple of years ago


Contributions from higher-margin projects added to backlog over the past year are now beginning to have a positive impact on the specialty segment's operating results.

contributions from higher-margin projects added to backlog over the past year are now beginning to have a positive impact on the specialty segment's operating results


to which we subject our annual consolidated financial statements, and may vary materially from the audited consolidated financial information for the same period.

to which we subject our annual consolidated financial statements and may vary materially from the audited consolidated financial information for the same period


the recently opened Turkish restaurant in Walthamstow is a prime example of that in action, where the occupier was carefully selected against those factors.

the recently opened turkish restaurant in walthamstow is a prime example of that in action where the occupier was carefully selected against those factors


trying to -- I don't know, again, why I'd never asked that question before, but I don't think you've ever referenced it. Just trying to get a sense of which quarter you might see positive growth

trying to -- i don't know and why i've never asked that question before but i don't think you've ever referenced it just trying to get a sense of which quarter you might see positive growth and


The first is growth. It is critical that the company continue to accelerate growth to leverage its infrastructure across a larger portfolio.

the first is growth it is critical that the company continue to accelerate growth to leverage its infrastructure across a larger portfolio


is an effective approach to providing customers with the economic and performance benefits derived from a distributed energy resource


resulting in core revenue growth of over 9% for the fourth quarter and full year.


that the size of that business and the overhead associated with it is significant enough to be a headwind where it would create a loss for us.


which may place the achievement of the milestone into 2019. We anticipate we will finance the company's needs as appropriate, with

which may place the achievement of the milestone into 2019 we anticipate we will finance the company's needs as appropriate


Additionally, we have not included in the chart a previously discussed opportunity for an investment in the natural gas reserves.

additionally we have not included in the chart a previously discussed opportunity for an investment in a natural gas reserves


Yes. Listen, I have no way of knowing what peers will do and what they're currently doing other than what we all read about.

yes listen i have no way of knowing what peers will do and what they're currently doing other than what we all read about


I just want to understand better, your change in tone here, is it more about the macro outlook? Or

i just want to understand better your change in tone here is it more about the macro outlook or


which normally translates into much higher winter prices because we won't have that stored gas to rely on this winter. And I think already, we're starting to see the effect

which normally translates into much higher winter prices because we won't have that stored gas to rely on this winter and i think already we're starting to see the effect


And then also, if you'll be taking a look at all on the metals price assumptions that you used to calculate those reserves and resources? I'll

and then also if you'll be taking a look at all on the metals price assumptions that you use to calculate those reserves and resources


we haven't seen a lot of the dialogue change. Now maybe some of that because the firms that have opted out of the protocol thus far,

we haven't seen a lot of the dialogue change now maybe some of that's because the firms that have opted out of the protocol thus far


you gotta remember one of our key strategic initiatives is driving core growth and so that would be the place that we would tend to prioritize that,

you got to remember one of our key strategic initiatives is driving core growth and so that would be the place that we would tend to prioritize that


Finally, the plan is designed to be cost-neutral, with the total amount of compensation maintained at the current level.

finally the plan is designed to be cost neutral with the total amount of compensation maintained at the current level


The aerospace industry continues to be driven by the industry push for more fuel-efficient aircraft and the satellite industry.

the aerospace industry continues to be driven by the industry push for more fuel-efficient aircraft and the satellite industry


and if we see interesting and attractive objects and investment opportunities, they will only be looked at

and if we see interesting and attractive objects and investment opportunities they will only be looked at


is it something about the competitiveness of your bread, the pricing architecture? Why do you think that it hasn't gained the traction? Or at least

is it something about the competitiveness of your bridge the pricing architecture why do you think that it hasn't gained traction or at least


number of theaters. And then as it does better, they book it on more theaters. So it's hard to gauge how many theaters they're going to release their movies on.

number of theaters and then as it does better they book it on more theaters so it's hard to gauge how many theaters they're going to release their movies on


Do you think that, that's kind of a trend or something that's going to continue in the future and this won't drop off as quickly?

do you think that that's kind of a trend or something that there's going to -- that's going to continue in the future and this won't drop off as quickly


to identify high-profile films with strong potential for release in China. We expect to make some announcements regarding that initiative soon.

to identify high-profile films with strong potential for release in china we expect to make some announcements regarding that initiative soon


If there is a finding anything other than absent, that goes to a review for the independent Pediatric Cardiology Advisory Board.

if there is a finding anything other than absent that goes to a review for the independent pediatric cardiology advisory board


By focusing on a shopper-preferred assortment, store shelves will soon feature our most popular products and sizes based on consumer insight.

by focusing on a shopper preferred assortment store shelves will soon feature our most popular products and sizes based on consumer insight


there -- if you have any possibility of the surplus going down before the integration because the

there -- do you have any possibility of the surplus going down before the integration because the lat


making sure that we make investors aware of -- there are some things out there that everybody's speaking about that we can't predict what that does.

making sure that we make investors aware of there are some things out there that everybody's speaking about that we can't predict what that does


we are still optimistic about China. China market is big enough and the structure is complicated enough, so

we are still optimistic about china china market is big enough and the structure is complicated enough so


that Sulzer is probably the company you should least worry about in terms of further sanctions. Because once again, we have everything in place, we believe, to

that solvus is probably the company you should least worry about in terms of further sanctions because once again we have everything in place we believe to


We think that, that will continue to be -- continue to show weakness going into '16. But I should point out, that is not a significant part of our commercial business.

we think that that will continue to be -- continue to show weakness going into '16 but i should point out that is not a significant part of our commercial business


And based upon our prior submissions and our prior inspections, they grant us approval on a conditional basis.

and based upon our prior submissions and our prior inspections they grant us approval on a conditional basis


Rather, we deliver communication solutions that help businesses improve visual engagement with their customers

rather we deliver communication solutions that help businesses improve digital engagement with their customers


As I announce my retirement today, let me emphasize that I've never been more confident in our plans and in our momentum

as i announce my retirement today let me emphasize that i've never been more confident in our plans and in our momentum


on time and on budget. And I'd note in that regard that having capacity to the market and to liquid trading points, positions the producers

on time and on budget and i'd note in that regard that having capacity to the market and to liquid trading points positions the producers


That said, as I noted in my earlier remarks, we seem to be paying an opportunity cost that's attached to the time and attention required by these projects.

that said as i noted in my earlier remarks we seem to be paying an opportunity cost that's attached to the time and attention required by these projects


These 16 million locations and the more than 1 million route miles of fiber in our overall network

these 16 million locations and the more than 1 million route miles of fiber in our overall network


digital insights and data insights, and help advertisers make sure their advertising is working effectively and efficiently,

digital insights and data insights and help advertisers make sure their advertising is working effectively and efficiently


Construction on the Garden State project is now underway, and we started construction on the mainline facilities of the Atlantic Sunrise project.

construction on the garden state project is now underway and we started construction on the mainline facilities of the atlantic sunrise project


The quality of talent we're bringing onboard is exceptional. We have a highly talented team in place to drive the company's growth going forward

the quality of talent we're bringing on board is exceptional we have a highly talented team in place to drive the company's growth going forward


by the end of this year that details the initial safety and antitumor activity observed in the dose-escalation trial.

by the end of this year that details the initial safety and antitumor activity observed in the dose escalation trial


by the joint venture investments and acquisitions that we've been doing. So the vast majority of that has been funding things we've done, for instance, in Africa, in Brazil

by the joint venture investments and acquisitions that we've been doing so the vast majority of that has been funding the things we've done for instance in africa in brazil


The Sientra is a proven brand much like my Los Angeles Lakers and we'll be back and we're just going to rebuild through this process and that we'll be back to our

the -- sientra's a proven brand much like my los angeles lakers and we'll be back and we're just going to rebuild through this process and we'll be back to our


This weakness resulted in a lower performance in Q1 than we had expected and adversely impacted our RF product sales.

this weakness resulted in a lower performance in q1 than we had expected and adversely impacted our rf product sales


as we said, when that new mill capacity comes online and gets up and running full in that geography, that micro region, we are seeing some pricing tension. So

as we said when that new mill capacity comes online and gets up and running full in that geography that micro region we are seeing some pricing tension so


really look at it. I would say that there really haven't been any surprises, but their trends are fairly consistent with ours. The opportunities that we think are there

really look at it i would say that there really haven't been any surprises that their trends are fairly consistent with ours the opportunities that we think are there


The group's disciplined hedging program provided significant protection from volatile fuel prices through the half.

the group's disciplined hedging program provided significant protection from volatile fuel prices through the half


So first off, we won that contract many months ago, right? My point was that they went live in this quarter. So we signed that deal many months ago.

so first off we won that contract many months ago right my point was that they went live in this quarter so we signed that deal many months ago


Our submission will follow soon thereafter, enabling a commercial launch in 2018. In addition to TRINITY,

our submission will follow soon thereafter enabling a commercial launch in 2018 in addition to trinity


Please, Jim, we are cautious about the future because we don't know what is going to happen in the future so we need to be cautious about that.

please jim we are cautious about the future because we don't know what is going to happen in the future so we need to be cautious about that


It sounds like it, Jeff. And I just wanted to follow up on your point about diverting vacuum gas all around the cat cracker straight into the marine fuel pool.

it sounds like it jeff and i just wanted to follow up on your point about diverting vacuum gas oil around the cat cracker straight into the marine fuel pool


while managing challenging conditions in some of our markets. Let me share the highlights of our first half performance with you.

while managing challenging conditions in some of our markets let me share the highlights of our first half performance with you


We have a sharp focus on efficiency, which is allowing us to reinvest in our brands and deliver margin expansion.

we have a sharp focus on efficiency which is allowing us to reinvest in our brands and deliver margin expansion


And we've delivered 4 consecutive years of strong free cash flow performance, which we've sustained in the first half.

and we've delivered 4 consecutive years of strong free cash flow performance which we've sustained in the first half


Inventory turns have remained consistent in the first half of 2018, and we expect our inventory turns to show improvement throughout the remainder of the year.

inventory turns have remained consistent in the first half of 2018 and we expect our inventory turns to show improvement throughout the remainder of the year


You can track changes in portfolio size and composition on Slide 8. We continued to be less focused on the more commoditized credit sectors,

you can track changes in portfolio size and composition on slide 8 we continue to be less focused on the more commoditized credit sectors


but only to credit that were developed and then were originated and then became deteriorated.


As in previous quarters, the strength in our Payment Processing business helped offset the decrease in Digital Imaging revenue

as in previous quarters the strength in our payment processing business helped offset the decrease in digital imaging revenue


Cameron revenue in the area was flat with the third quarter as increased service system sales in India were offset by reduced activity in Saudi Arabia

cameron revenue in the area was flat with the third quarter as increased service system sales in india were offset by reduced activity in saudi arabia


So I think the prepared comments suggest that once we get to the green numbers, we'll be fine. But the adjustments that we've made in our Coffee segment guidance reflect

so i think the prepared comments suggest that once we get to the green numbers will be fine but the adjustments that we've made in our coffee segment guidance reflect


Let me first comment on the situation in Denmark. As I pointed out

let me first comment on the situation in denmark as i pointed out


sales growth, had it not been for decreased custom tooling sales and the negative effects of passing through lower resin cost to our customers.

sales growth had it not been for decreased custom tooling sales and the negative effects of passing through lower resin cost to our customers


Due to our strong focus on value creation for customers, we decided not to enter a recent tender process for a group of municipalities,

due to our strong focus on value creation for customers we decided not to enter a recent tender process for a group of municipalities


but we don't see the declines anymore and already stabilizing this and from there moving forward is for us very positive from where we came from.

but we don't see the declines anymore and already stabilizing this and from there moving it forward it's for us very positive of where we came from


It's also why Novadaq continues to invest in research and development because it allows us to maintain our leadership position.

it's also why novarex continues to invest in research and development because it allows us to maintain our leadership position


An improved operating profitability in Financial Services was led by the cost synergies we delivered over the course of last 2 years

our improved operating profitability in financial services was led by the cost synergies we delivered over the course of the last 2 years


Ladies and gentlemen, thank you for your participation in today's conference. This concludes the program. You may now disconnect. Everyone, have a great day.

ladies and gentlemen thank you for your participation in today's conference this concludes the program you may now disconnect everyone have a great day


have subsided somewhat, but certainly not as quickly as we expected. And this will put a little bit of pressure on us in the second half of the year as well.

have subsided somewhat but certainly not as quickly as we expected and this will put a little bit of pressure on us in the second half of the year as well


We have a big footprint in New England, in the East Coast. We have a strong position in renewable energy, and we really see the offshore market as likely

we have a big footprint in new england in the east coast we have a strong position in renewable energy and we really see the offshore market as likely


that drive this industry. And as we added Thermoplay and Priamus into the mix in the last few months,

that drive this industry and as we added thermalplay and priamus into the mix in the last few months


Illinois is a challenge. It's just going to be a challenge. The public side is tough. Believe it or not, we do see growth on res in Illinois and we'll see some

illinois is a challenge this is going to be a challenge the public side is tough believe it or not we do see growth on resin illinois and we'll see some


The pricing climate continues to reflect this confidence in the sustained recovery and more tactically the healthy backlogs we and our customers see.

the pricing climate continues to reflect this confidence in the sustained recovery and more tactically the healthy backlogs we and our customers see


the diamond sales process. And our goal is to really match diamond demand on a stone by stone basis to supply

the diamond sales process and our goal is to really match diamond demand on a stone-by-stone basis to supply


We are the only large value investor in the space and the only major permanently capitalized company that retains a flexible and countercyclical approach to investing.

we are the only large value investor in the space and the only major permanently capitalized company that retains a flexible and countercyclical approach to investing


uncomfortable being in a country when you are a mobile operator and you have no path to having a strong


Once again, the quality and diversity of our portfolio, as well as the dedication of our team, allowed us to deliver a strong operating result

once again the quality and diversity of our portfolio as well as the dedication of our team allowed us to deliver a strong operating result


was going to be down double digits for the quarter and March is the first month for the quarter. So yes, Government took a step down from the Q2 levels.

was going to be down double digits for the quarter and march is the first month of the quarter so yes government took a step down from the q2 levels


I would assume that increases in revenue would increase our EBITDA margin. Cash flow should also continue to be

i would assume that increases in revenue would increase our ebitda margin cash flow should also continue to be


It's been a very difficult work to combine our operations and our thinking in support of one company.

it's been a very difficult -- or very difficult work to combine our operations and our thinking in support of one company


Additionally, we initiated a detailed product line review identifying a number of product lines to be withdrawn from production over the next 18 months.

additionally we initiated a detailed product line review identifying a number of product lines to be withdrawn from production over the next 18 months


We mentioned last year that we'd made a significant gain increasing our scrap utilization. We basically held that in the first quarter.

we mentioned last year that we'd made a significant gain increasing our scrap utilization we basically held that in the first quarter


We caution that these forward-looking statements are not a guarantee of future events and that actual events may differ materially from those in these statements.

we caution that these forward-looking statements are not a guarantee of future events and that actual events may differ materially from those in these statements


To do that, we have to offer the best product assortment presented in the best way possible in our stores and the best design and sales service in the industry.

to do that we have to offer the best product assortment presented in the best way possible in our stores and the best design and sales service in the industry


Now I would like to introduce to you someone who, along with myself, Kirk and others in the company, is spearheading this effort.

now i would like to introduce to you someone who along with myself kirk and others in the company is spearheading this effort


input into our core income unless there was a significant shift in expectations towards the next few Fed meetings between now and then.

input into our core income unless there was a significant shift in expectations towards the next few fed meetings between now and then


We also post an investor presentation each quarter containing supplemental information, though we will not make specific reference to it in our prepared remarks.

we also post an investor presentation each quarter containing supplemental information though we will not make specific reference to it in our prepared remarks


with strong operating margins and earnings per share on revenue that was down a bit compared to the same period last year.


And so far, things are going well in terms of renewals and retaining contracts and business and so on. So when you put it all together,

and so far things are going well in terms of renewals and retaining contracts and business and so on so when you put it all together


You can see in the margin waterfall that the combined benefit of 130 basis points from cost synergy and productivity save

you can see in the margin waterfall that the combined benefit of 130 basis points from cost synergy and productivity save


We have a detailed publication and medical education plan mapped out for the next 18 months to support the global launch.

we have a detailed publication and medical education plan mapped out for the next 18 months to support the global launch


in RIIO-2. One of the aspects highlighted in the framework is the requirement of each company to develop customer engagement groups,

in rio2 one of the aspects highlighted in the framework is the requirement of each company to develop customer engagement groups


where we can achieve market-leading efficiencies. We will consider opportunities that allow us to enter at an attractive price point with upside for growth.

where we can achieve market-leading efficiencies we will consider opportunities that allow us to enter at an attractive price point with upside for growth


in the last house, and we're moving a little faster here. So it doesn't bother me at all where our volume is. In fact, if our volume grows too much without

in the last house and we're moving a little faster here so it doesn't bother me at all where our volume is in fact if our volume grows too much without a


Thanks, Lee. We are pleased with our organic performance to date, having achieved strong adjusted EBITDA results through the first half of the year.

thanks lee we are pleased with our organic performance to date having achieved strong adjusted ebitda results through the first half of the year


Secondly, to grow the broking business, particularly motor, by launching a panel of external underwriters and extending our footprint.

secondly to grow the broking business particularly motor by launching a panel of external underwriters and extending our footprint


Specifically, we talk a lot about the investment we are making in our technology platform and brand, but we've also built up a very strong team and capabilities

specifically we talk a lot about the investment we're making in our technology platform and brand but we've also built up a very strong team and capabilities


the acceleration of origination can occur versus what would be some directly originated ones that take 3 to 4 months. So you could see

the acceleration of origination can occur versus what would be some directly originated ones that take 3 to 4 months so you could see


would you actually say that at this stage, we really have enough data to say that -- i.e. to agree with the discussion or is the jury out?

would you actually say that at this stage we really have enough data to say that i e to agree with the discussion or is the jury out


Here's my first question. With regards to the guidance , the range, where does that come from for ad

here's my first question with regards to the guidance breadth the range where does that come from for add


securely, on any cloud, whether it is public or private, and help them foster cultures that are optimized for speed, efficiency and productivity.

securely on any cloud whether it is public or private and help them foster cultures that are optimized for speed efficiency and productivity


and effectiveness of smart pricing to enable to really capture also the margin-enhancing areas.

and effectiveness of smart pricing to enable to really capture also the margin enhancing areas


in stark contrast to the situation at the time of our last conference call, the publicly traded capital markets have improved significantly over the last 2 months.

in stark contrast to the situation at the time of our last conference call the publicly traded capital markets have improved significantly over the last 2 months


This concludes today's call. Thank you for your participation. You may now disconnect.

this concludes today's call thank you for your participation you may now disconnect


In addition, our Industrial business remains strong, and we made further progress in stabilizing the Business Products Group.

in addition our industrial business remains strong and we made further progress in stabilizing the business products group


This business unit continues to operate very well, and with the backdrop of economic stability and sound aftermarket fundamentals,

this business unit continues to operate very well and with the backdrop of economic stability and sound aftermarket fundamentals


The challenge with cellular is -- and in fact, you can try this out, John, go down in the corner of your basement and see what kind of a signal you're getting on your cell phone.

the challenge with cellular is and in fact you can try this out john go down in the corner of your basement and see what kind of a signal you're getting on your cell phone


Ladies and gentlemen, thank you for your participation in today's conference. This concludes the program, and you may now disconnect. Everyone, have a great day.

ladies and gentlemen thank you for your participation in today's conference this concludes the program and you may now disconnect everyone have a great day


as well as we can and maybe a little less focused on adviser count as a result. Secondly, as we've said in the recent past

as well as we can and maybe a little less focused on adviser count as a result secondly as we've said in the recent past


We want to become their partner of choice. A partner to help them, inspire them and to be part of their journey to lead healthier lives.

we want to become their partner of choice a partner to help them inspire them and to be part of their journey to lead healthier lives


Assuming no significant changes in market conditions, we believe that we can sustain a reported LIFO gross profit margin

assuming no significant changes in market conditions we believe that we can sustain a reported lifo gross profit margin


Of course, you could find our earnings release and reconciliations of all non-GAAP financial measures referred to in our remarks also on our website.

of course you can find our earnings release and reconciliations of all non-gaap financial measures referred to in our remarks also on our website


because we're at that point of the conversation, to Eric's point, that the decline in participation at the Major League Baseball level was a point

because we're at that point of the conversation to eric's point the decline in participation at the major league baseball level was a point


So we view that as another positive thing, along with again the things I mentioned earlier about all the channel focus that we have.

so we view that as another positive thing along with again the things i mentioned earlier about all the channel focus that we have


that's true. Most of the changes that we've made to our quoto-share structures were done a couple of years ago. So

that's true most of the changes that we've made to our quota share structures were done a couple of years ago so


Is it largely the effect of offsetting synergies? Or are you able to largely minimize the growth rate of your existing cost structure?

is it largely the effect of offsetting synergies or are you able to largely minimize the growth rate of your existing cost structure


for the marketplace. That will really determine the time line far more than our ability to take it on board, to incorporate it and to execute on it.

for the marketplace that will really determine the timeline far more than our ability to take it on board to incorporate it and to execute on it


overall, if you look at the company, and I think if you ask our customers about it, they would say they're really well integrated at this point.

overall if you look at the company and i think if you ask our customers about it they would say they're really well integrated at this point


that the newly implemented tax reform rules and the recent rise in the interest rates have not had a significant impact on our business.

that the newly implemented tax reform rules and the recent rise in interest rates have not had a significant impact on our business


Designed product that resonates with buyers and stands out from the competition and promise an outstanding customer experience.

design product that resonates with buyers and stands out from the competition and promise an outstanding customer experience


So how do you manage this change in product life cycle? Second question is about existing products.

so how do you manage this change in product life cycle second question is about existing products


the world and we'll continue to add as we go into new countries. And it's a huge huge advantage, and it does expand our addressable market. As you know,

the world and we'll continue to add as we go into new countries and it's a huge huge advantage and it does expand our addressable market as you know


are, we getting to the point where Professional Services kind of growth will be more in line with revenue growth? Or is there still future scaling there?

are we getting to the point where professional services kind of growth will be more in line with revenue growth or is there still future scaling there


So I don't think we're compelled to react hastily to political or regulatory aspects that, quite frankly, are out of our control

so i don't think we're compelled to react hastily to political or regulatory aspects that quite frankly are out of our control


Our ability to consistently execute and meet this demand is translating into significantly improved returns.

our ability to consistently execute and meet this demand is translating into significantly improved returns


We believe the continued strength in our operating performance, together with a favorable compliance in the overall capital markets,

we believe the continued strength in our operating performance together with a favorable compliance in the overall capital markets


the rest of the market or our competitors, such that we see a potential long-term disadvantage, then we'll have to look really hard at accelerating it. But

the rest of the market or our competitors such that we see a potential long-term disadvantage then we'll have to look really hard at accelerating it but


kind of the new company volume -- the returning company volume and the categories that we have in the show. We also anticipated that the recent

the kind of the new company volume the returning company volume and the categories that we have in the show we also anticipated that the recent


Furthermore, we see lower litigation charges and compensation costs, which were partially offset by higher spend on technology and controls.

furthermore we see lower litigation charges and compensation costs which were partially offset by higher spend on technology and controls


Risk management remains tight and vigilant as we demonstrated when markets tested us with the extraordinary volatility we saw following news of the Brexit vote.

risk management remains tight and vigilant as was demonstrated when markets tested us with the extraordinary volatility we saw following news of the brexit vote


allowing us to shift our resources away from service delivery, which has been the least profitable part of our global operations.

allowing us to shift our resources away from service delivery which has been the least profitable part of our global operations


And also, it's important to say that the amortization of the value of business acquired

and also it's important to say that the amortization of the value of business acquired


We remain confident in our process and as the markets normalize, that our relative performance will revert to more acceptable levels.

we remain confident in our process and as the markets normalize that our relative performance will revert to more acceptable levels


have over a rig coming in on a low day rate spending 5 days to mobilize this equipment and then starting against the efficiencies that we used to have.

over a rig coming in on a low day rate spending 5 days to mobilize its equipment and then starting against the efficiencies that we used to have so


Our sensor business recorded a strong performance. A clear trend we see here is the adoption of our products

our sensor business recorded a strong performance a clear trend we see here is the adoption of our products


maintaining positive fundamentals for multifamily properties, which will drive investment sales and financing activity for the foreseeable future.

maintaining positive fundamentals for multifamily properties which will drive investment sales and financing activity for the foreseeable future


for healthy ingredients and nutritional functions and be suitable for sale at a wide variety of sales points.


drive improvements. And then in GDPR, what is your current thinking in terms of timing of when that starts to drive additional purchases?

drive improvements and then in gdpr what is your current thinking in terms of timing of when that starts to drive additional purchases


and they do not result in any additional IDRs to the general partner. In summary, we are obviously not immune to market dynamics

and they do not result in any additional idrs to the general partner in summary we are obviously not immune to market dynamics


These results were delivered primarily through volume and continued gains in manufacturing productivity.

these results were delivered primarily through volume and continued gains in manufacturing productivity


This was the result of a decrease in retail sales volume due to unfavorable weather and a decrease in weather-adjusted loads,

this was the result of a decrease in retail sales volume due to unfavorable weather and a decrease in weather-adjusted loads


But in reality, as you know, we're huge believers in the all-channel model and one of the reasons why is because the Internet is a fantastic tool

but in reality as you know we're huge believers in the all-channel model and one of the reasons why is because the internet is a fantastic tool


We've been working on both of these initiatives long before the spin and are pleased to see them making progress consistent with our plans.

we've been working on both of these initiatives long before the spin and are pleased to see them making progress consistent with our plans


as we move towards the full year, the margins that you'll see in our business should return to roughly where they were at year end last year. And beyond that, we should certainly see margin scale benefits

as we move towards the full year the margins that you'll see in our business should return to roughly where they were at the year-end last year and beyond that we should certainly see margin scale benefits


Great. So thank you very much. I hope what you've heard this morning is that we've made really good progress in integrating and reshaping our business.

great so thank you very much i hope what you've heard this morning is that we've made really good progress in integrating and reshaping our business


fits our strategic model and profile for acquiring leading regional pest control companies that will strengthen our company.


This will continue in the first half of 2017. The savings from this restructuring investment will be progressively realized during this year.

this will continue in the first half of 2017 the savings from this restructuring investment will be progressively realized during this year


Oil is up a lot from where it was in the first quarter of '16, and prices for most polymers have been moving up over the past year.

oil is up a lot from where it was in the first quarter of '16 and prices for most polymers have been moving up over the past year


differently and think about multiples for the different businesses. And I guess, it gets a little bit confused when we have a facility that's

differently and think about multiples for the different businesses and i guess it gets a little bit confused when we have a facility that's


with the salespeople, all of which will allow for better focus on recurring revenue. This also is supported by

with the salespeople all of which will allow for better focus on recurring revenue this also is supported by


China's economy weakened in the last quarter due to tariff regulations, which especially affected the Chinese consumer production exports.

china's economy weakened in the last quarter due to tariff regulations which especially affected the chinese consumer production exports


We've increased focus on multicultural consumers and Cannon Blast is bringing new consumers into the brand through the shot occasion.

we've increased focus on multicultural consumers and cannon blast is bringing new consumers into the brand through the shot occasion


We expect to announce several similar new distribution partnerships with other leading Chinese streaming and entertainment companies shortly.

we expect to announce several similar new distribution partnerships with other leading chinese streaming and entertainment companies shortly


We now know based on the extensive field experience we have that body cameras record far richer and far better information than the handwritten forms of yesterday.

we now know based on the extensive field experience we have that body cameras record far richer and far better information than the handwritten forms of yesterday


with 2016 growth forecast in the high 1s to low 2s, with the heavy majority of this new supply coming from the largest vessel segments.

with 2016 growth forecast in the high 1s to low 2s with a heavy majority of this new supply coming from the largest vessel segments


Today's discussion may include certain forward-looking statements. It should be understood that actual results could differ materially from those projected

today's discussion may include certain forward-looking statements it should be understood that actual results could differ materially from those projected


each of which are taxed or benefited at different statutory rates and the offset of the tax benefit of foreign losses in certain locations by valuation allowances.


We are pleased with the progress that we have demonstrated in the Composites business over the past 2 years, including improvements in operating margins and return on capital.

we are pleased with the progress that we have demonstrated in the composites business over the past 2 years including improvements in operating margins and return on capital


It thus provide us with the incomparable freedom to operate from a development viewpoint while also posing a barrier to entry for others.

it thus provides us with the incomparable freedom to operate from a development viewpoint while also posing a barrier to entry for others


Finally, we're keeping a watchful eye on our fixed as well as variable expenses to make sure we're operating with the most efficient cost structure possible.

finally we're keeping a watchful eye on our fixed as well as variable expenses to make sure we're operating with the most efficient cost structure possible


when they get back in, when they go off for the whole month of August, and they finally get back in

when they get back and -- when they go off for the whole month of august and they finally get back and


wondered you might be able to just give us a little more color, a little more detail, maybe some data points if possible on your aftermarket efforts. I

wonder if you might be able to just give us a little more color a little more detail maybe some data points if possible on your aftermarket efforts i know


But again, that recovery didn't happen quite as fast as we thought. So on all of those, I wouldn't say that they'll all come back exactly in the second quarter, but

but again that recovery didn't happen quite as fast as we thought so on all of those i wouldn't say that they'll all come back exactly in the second quarter but


really excited about it. The compensation changes are intended to recognize and galvanize a really talented team that we have at First Merchants.

really excited about it the compensation changes are intended to recognize and galvanize a really talented team that we have at first merchants


But, while we were conducting Part B, we acknowledged and recognized that there were several of these 27 patients requesting extension on their therapy.

but while we were conducting part b we acknowledged and recognized that there was several of these 27 patients requesting extension on their therapy


And I mean, given currency depreciation has been a constant factor for the country, I mean, is there any

and i mean given currency depreciation has been a constant factor for the country i mean is there any


It's due primarily to a fall of a particular contract with first delivery day shifting from the first half to the second half at the customer's request. So we can see all of that.

it's due primarily to a fall of a particular contract with first delivery date shifting from the first half to the second half at the customer's request so we can see all of that


Let's turn to our leasing activities. 44 Union Square is in the Midtown South office leasing market.

let's turn to our leasing activities 44 union square is in the midtown south office leasing market


pleasing to note that we're already delivering on our regulatory obligations, delivering the regulatory contract and outperforming. So I think it's fair to say not only the results are

pleasing to note that we're already delivering on our regulatory obligations delivering the regulatory contract and outperforming so i think it's fair to say not only are the results


this 5-year cycle. And I've got to say that I'm really looking forward to bringing Bournemouth Water and South West Water together because we have a little bit of a mantra, it's my mantra to say,

this 5-year cycle and i've got to say that i'm really looking forward to bringing bournemouth water and south west water together because we have a little bit of a mantra it's my mantra to say


Customer success stories will likely drive this next wave of growth, and the introduction of T2Bacteria will be a major driver as well.

customer success stories will likely drive this next wave of growth and the introduction of t2 bacteria will be a major driver as well


Please see our earnings release or our SEC filings for a list of words or expressions that identify such statements and the associated risk factors.

please see our earnings release or our sec filings for a list of words or expressions that identify such statements and the associated risk factors


In the North, we anticipate second quarter fee harvest volumes will be significantly lower than the first quarter as we enter the spring breakup season.

in the north we anticipate second quarter fee harvest volumes will be significantly lower than the first quarter as we enter the spring breakup season


I think the bigger opportunity over time, although it's not a big earnings impact now, is the opportunity to grow the Southern export business.

i think the bigger opportunity over time although it's not a big earnings impact now is the opportunity to grow the southern export business


The impact to our business continues as commodity sales pricing and whole bird pricing is much lower than last year.

the impact to our business continues as commodity sales pricing and whole bird pricing is much lower than last year


with growth above 10%. We were exceptionally pleased with this performance, which resulted primarily from improved client demand,

with growth above 10% we were exceptionally pleased with this performance which resulted primarily from improved client demand


a large part of which we now drive with rigor in the RBB transformation office, which we have established, and I'll talk to this later.

a large part of which we now drive with rigor in the rbb transformation office which we have established and i'll talk to this later


retrenching revenue declines that John mentioned in China a few minutes ago of double-digit declines, and that's been significant. We think that's more market related.

retrenching revenue declines that john mentioned in china a few minutes ago of double-digit declines and that's been significant we think that's more market related


and we saw the opportunity for the shareholders to earn an additional dividend during the period. So the

and we saw the opportunity for the shareholders to earn an additional dividend during the period so the


Obviously, being on the inside we can provide better guidance now that we have a more complete understanding of the business and execute on our plan.

obviously being on the inside we can provide better guidance now that we have a more complete understanding of the business and execute on our plan


but they hadn't done a lot of consolidation. So if you'll remember, in Toronto alone, they still had 3 different facilities

but they hadn't done a lot of consolidation so if you'll remember in toronto alone they still had 3 different facilities


We are confident that our strategy to grow Qantas Loyalty earnings keeps us on track to reach our 2022 EBIT target.

we are confident that our strategy to grow quanta's loyalty earnings keeps us on track to reach our 2022 ebit target


when you added these elements together would be a double digit percentage increase for our customers. We took a ship out

when you added these elements together would be a double-digit percentage increase for our customers we took a ship out


While the government changes create a smaller market, the portfolio quality is likely to improve as the number of marginal borrowers are excluded from the mix.

while the government changes create a smaller market the portfolio quality is likely to improve as a number of marginal borrowers are excluded from the mix


the range of our services, but it's also very much also a function of how they're positioning their portfolios. Do they have a lot of

the range of our services but it's also very much also a function of how they're positioning their portfolios do they have a lot of


We have actually now during April already repaid more than half of the 19 maturities, it was a bond that was maturing that we have repaid.

we have actually now during april already repaid more than half of the 19 maturities it was a bond that was maturing that we have repaid


We do expect to realize dray cost savings by using the best carrier from a cost and service perspective and by improving loaded miles.

we do expect to realize dray cost savings by using the best carrier from a cost and service perspective and by improving loaded miles


And we are also working on improving the commercial arrangements with customers relating to the recovery of freight and related overheads.

and we are also working on improving the commercial arrangements with customers relating to the recovery of freight and related overheads


And that said, what kind of pressure are you getting from your customers to share more of the savings with them?

and that said what kind of pressure are you getting from your customers to share more of the savings with them


making the investment in both our expanded sales force as well as our push to full globalization.


Certainly, there's a number of players out there competing for deals. We still feel like Monro represents a great opportunity for

certainly there's a number of players out there competing for deals we still feel like monroe represents a great opportunity for


And we didn't achieve these volumes by sacrificing economics as the average double digits spreads we achieved on these spaces in the second half of the year attest.

and we didn't achieve these volumes by sacrificing economics as the average double-digit spreads we achieved on these spaces in the second half of the year attest


which is the request for advance payment. And that's where we actually get paid about 60% from Medicare at the beginning of the episode,

which is the request for advanced payment and that's where we actually get paid about 60% from medicare at the beginning of the episode


Right. I would agree. And so that sort of leads me into the sort of second part of this as part of

right i would agree and so that sort of leads me into the sort of second part of this as part of


and post-acute services in particular will continue to grow. And we also know somebody is going to have to service this demand.

and post-acute services in particular will continue to grow and we also know somebody is going to have to service this demand


We will post both an audio recording and a transcript of this call on our website. We also will post an updated investor deck at the website later today.

we will post both an audio recording and a transcript of this call on our website we also will post an updated investor deck to the website later today


the message I want to leave you with is that there is enormous opportunity in the business across the whole company to keep growing and delivering good projects.

the message i want to leave you with is that there is enormous opportunity in the business across the whole company to keep growing and delivering good projects


Three of the 5 parent wells in the unit are currently flowing without artificial lift, where they had been previously on rod pump or gas lift for several years.

three of the five parent wells in the unit are currently flowing without artificial lift where they had been previously on rod pump and gas lift for several years


global leaf supplier is in the best position in order to provide compliantly, to continue with sustainability programs

the global leaf supplier is in the best position in order to provide compliant leaf to continue with sustainability programs


maintenance this year will attenuate that a little bit but I do think we've taken a reasonably conservative view about what the production base will be. Obviously,

maintenance this year we'll attenuate that a little bit but i do think we've taken a reasonably conservative view about what the production base will be obviously


that's driven by sort of distractions, right? Like is it a good chunk of what's happening and that's what gives you confidence that it can be reversed?

that's driven by sort of distractions right like is it a good chunk of what's happening and that's what gives you confidence that it can be reversed


should be reasonably similar, so I wouldn't have thought that you'd be wanting to look at it in -- too much different from that, to be fair.

should be reasonably similar so i wouldn't have thought that you'd be wanting to look at it in too much different from that to be fair


These foreign exchange benefits were mostly reflected in our Q4 results, but they will have a positive impact on our first half comparisons.

these foreign exchange benefits were mostly reflected in our q4 results but they'll have a positive impact on our first half comparisons


We collect data in nearly a million customer sites around the world, and we want to make sure that we connect that data collection capability

we collect data in nearly 1 million customer sites around the world and we want to make sure that we connect that data collection capability


find some people, especially as they want to go into new geos and start practices because they're finding they have to have people close to where their customers are

find some people especially if they want to go into new geos and start practices because they are finding they have to have people close to where their customers are


highlighted and celebrated our growth and achievements of our teams and paid tribute to the men and women on the shop floors.


We're excited to add up to this portfolio a technology that offers significant advances over the current treatment of complex

we're excited to add out to this portfolio a technology that offers significant advantages over the current treatment of complex


as well as noticeable equipment repositioning costs as we shift more of our international capacity towards the Middle East and Russia.

as well as noticeable equipment repositioning costs as we shift more of our international capacity towards the middle east and russia


I'm fairly convinced we've got a reasonably growing economy right now, with unemployment where it is and stock markets now rebounding up to their near highs again.

i'm fairly convinced we've got a reasonably growing economy right now with unemployment where it is and stock markets now rebounding up to their near highs again


We have rapidly evolved and developed a portfolio on both the acquisition and divestiture sides of the ledger.

we have rapidly evolved and developed the portfolio on both the acquisition and divestiture sides of the ledger


We will hold our current frac fleet in the Permian flat, as we expect pressure pumping market there to be very competitive for the near term.

we will hold our current frac fleet in the permian flat as we expect pressure pumping market there to be very competitive for the near term


Speaking of the longer term, I'd like to highlight a few recent initiatives that move us beyond hardware and into software and new services.

speaking of a longer term i'd like to highlight a few recent initiatives that move us beyond hardware and into software and new services


explanation of how we deal with these issues, and I think it will answer the question that you have in mind.

explanation of how we deal with these issues and i think it will answer the question that you have in mind


As we've all read, the current environment is strong. We have very solid business processes in place to balance

as we've all read the current environment is strong we have very solid business processes in place to balance


and we're very much looking forward to a bright future ahead. I'll now turn things over to Rustom. Thank you, Erik. Good morning, everyone.

and we're very much looking forward to a bright future ahead i'll now turn things over to roostam thank you eric good morning everyone


is there is a lag between what we're seeing on the ground in terms of progress on initiatives and how that progress is translating into numbers.


We saw lower returns in Rhode Island from increased operating costs principally due to storms and inflationary cost pressures.

we saw low returns in rhode island from increased operating costs principally due to storms and inflationary cost pressures


And as we become more front-of-mind in our customers' time of need, we want to make sure that we are providing the best possible customer experience.

and as we become more front of mind in our customers' time of need we want to make sure that we are providing the best possible customer experience


Thank you, and have a wonderful day ahead.

thank you and have a wonderful day ahead


But for certain types of contract sales, the new standard requires us to recognize revenue over time as we incur manufacturing costs.

but for certain types of contract sales the new standard requires us to recognize revenue over time as we incur manufacturing costs


We expect improvement in both accounts starting in the fourth quarter as our teams work with these customers to better align our operations with changing volumes.

we expect improvement in both accounts starting in the fourth quarter as our teams work with these customers to better align our operations with changing volumes


In fact, our research suggests that all of those assets are either in commercial operations already or they're in testing mode ready to be released,

in fact our research suggests that all of those assets are either in commercial operations already or they're in testing mode ready to be released